Figures by the Commission for the Regulation of Electricity and Gas (CREG) have put the average price of a new energy contract in October of this year at €5,988.95 per year, a 95% increase on October 2021 when the figure stood at €3,066.60.
On Thursday, L'Echo reported that the average annual energy bill in Belgium in October stood at just under €6,000. This sum was derived by the CREG by using the current prices of variable energy contracts for average consumption of 17,000 kWh for gas and 3,500 kWh for electricity.
This high figure is, as expected, largely down to gas prices rising exponentially following Belgium's decision to stop using Russian gas, following Russia's invasion of Ukraine in March of this year. As a result, energy bill prices have failed to come down despite attempts by both Regional and Federal Governments to alleviate the burden of the energy crisis on Belgian households.
The CREG is now expecting Belgians to pay €3,564.43 per year for gas in October, almost 20% more than in the previous month, and for the average electricity bill to cost over 14% more than in September.
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Overall, this means that energy contracts have increased €2,923 (95.3% more) in a year, as the figure stood at €3,066.60 in October 2021, with disparities in prices among Belgium's three regions.
In Wallonia, the average energy bill stands at €6,184.86 per year, a 91% increase on October 2021. In Flanders, the average consumer will have to pay €5,866.77 (96% more than last year) and for those in the capital, the price averages out at €5,915.27, a 99% increase in 2021.
What of falling gas prices?
With gas prices dropping due to the abnormally warm October, with Het Laatste Nieuws reporting that gas will cost €673.20 less in the coming month, while electricity prices are expected to decrease by over €192, why is it that energy bills are still so high?
This is due to variable contracts basing their rates only on the prior month or three-month period. However, owing to a three-digit number in their contracts, any customer can forecast their future energy bill prices.